Ningbo PIA Automation (SH:688306)2024-04-26 12:58Financial Performance - The company achieved a revenue of CNY 478.73 million in Q1 2024, representing a year-on-year increase of 119.45%[5] - The net profit attributable to shareholders was a loss of CNY 38.28 million, with a significant reduction in losses compared to previous periods[6] - The gross profit margin for the quarter was only 13.38%, primarily due to the completion of a loss-making contract with GKN in the US[7] - In Q1 2024, the company achieved revenue of 479 million RMB, a year-on-year increase of 119.45%, with a net loss of 38.28 million RMB, showing a reduction in losses[19] - The company's net loss for Q1 2024 was reported at ¥910,787,912.86, compared to a loss of ¥872,511,041.47 in Q1 2023[28] - The net profit for Q1 2024 was -39,340,334.31 RMB, an improvement from -46,185,126.81 RMB in Q1 2023, representing a decrease in net loss of approximately 14.4%[30] - The total comprehensive income for Q1 2024 was -59,747,826.22 RMB, compared to -39,789,317.48 RMB in Q1 2023, indicating a significant increase in losses[31] Cash Flow and Assets - The operating cash flow showed a net outflow of CNY 74.25 million, a decline of 181.88% year-on-year, despite new orders amounting to CNY 512 million, which grew by 20.85% compared to last year[7] - Current assets totaled ¥3,241,631,297.19 as of March 31, 2024, down from ¥3,383,726,651.51 at the end of 2023, a decrease of 4.2%[26] - Total assets at the end of the quarter were CNY 5.03 billion, down 2.38% from the end of the previous year[6] - The company reported a net cash outflow from operating activities of -74,254,393.73 RMB, compared to a positive cash inflow of 90,684,059.09 RMB in the same period last year[32] - The cash and cash equivalents at the end of Q1 2024 stood at 624,966,587.23 RMB, down from 830,214,775.48 RMB at the end of Q1 2023[33] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,013[14] - The largest shareholder, Joyson Group Co., Ltd., holds 560,200 shares, representing 45.61% of total shares[14] - The second-largest shareholder, Ningbo Weipu Venture Capital Partnership, holds 160,000 shares, representing 13.03%[15] - The company repurchased 7,752,024 shares, accounting for 0.63% of total shares[16] Research and Development - Research and development expenses totaled CNY 14.04 million, accounting for 2.93% of revenue, a decrease of 3.77 percentage points year-on-year[6] - The company has been focusing on R&D in intelligent equipment, with a total of 144 authorized patents, including 37 invention patents, as of the end of the reporting period[21] - The company is actively exploring AI applications, collaborating with Microsoft to develop industry-specific AI models, enhancing R&D capabilities and operational efficiency[22] - The first generation humanoid robot "JARVIS" has been successfully launched, with ongoing development in key components and technologies[22] Operational Efficiency - The company closed several low-margin projects, which contributed to the overall loss despite the increase in revenue[7] - The increase in operating costs was driven by rising labor costs due to minimum wage increases in North America and inflationary pressures[11] - The company has established five global business divisions to enhance collaboration and efficiency in serving core global customers[24] - The company is committed to continuous innovation and transformation, focusing on global resource integration to achieve scale effects[24] Impairment Losses - Credit impairment losses decreased by 81.64% due to a reduction in accounts receivable balance[12] - Asset impairment losses decreased by 100.00% with no new inventory write-downs during the period[12] - The company experienced a significant increase in credit impairment losses, totaling 945,375.47 RMB in Q1 2024, compared to 5,148,350.22 RMB in Q1 2023[30]